METAVERSE BANKING | LATEST BANKS ON METAVERSE

2022 LIST

By BabySwapBox.com
Banking in the Metaworld or Metaverse as it is better known has become a
major trend in the world of finance. The primary draw of this method is that it
offers a way to hold money securely without having to go through traditional
banking settings. More and more banks are seeking to establish themselves in
the virtual world, whilst providing a safe and secure place to store all of your
assets.

We have yet to encounter a concept evolve quite as quickly as the metaverse as

it is one of the most revolutionary and continually evolving technologies that we
have ever seen. The phenomenon of extended reality (XR) has been around for
some time, but there has been a recent explosion of interest in the topic and
some analysts are predicting there to be a $8 trillion industry.

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By BabySwapBox.com
Online virtual gaming has taken off since the pandemic with more people
turning to online gaming during lockdowns. with the percentage of gamers aged
55-64 growing by 32% in just two years. The industry has soared with a global
revenue of $154
billion in 2021 a
record 21.9 percent
growth compared to
the previous year and
it is expected to reach
a value of USD 314.4
billion by 2026 . While
the pace at which the
metaverse is
expanding beyond
gaming is unknown,
we do know that this
next frontier is coming fast and is forecasted to be a Trillion dollar industry by
2030.

And in a world where bank profits are always at risk of being lost, the fear of
missing out on big profits is bigger than ever they will undoubtedly be taking
advantage of this opportunity and many have already begun. Banks need to
consider how this will transform the fundamentals of their business and even
the ways that we live in order to stay as relevant and profitable as possible.

Many banks are now starting to jump on the metaverse bandwagon, vying
for their position in the metaverse lands like Sandbox and Decentraland.
Other banks are creating their own virtual reality lounges and services.

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Santander Joins In

Santander one of the most well-known banks in the world is one of the latest
banks to take part in the growing trend of banks joining virtual reality. The
company plans to hold an award ceremony entirely within a virtual reality
environment on the14th July 20224:00 pm CEST / 10:00 am EST Decentraland -
Santander X (-68,-118)

The Ceremony is the grand finale of a competition that took place in

collaboration with Oxentia Foundation. This year, the total number of entries
sent to the jury was around 400. The deadline for submission was June 9th,
2022, after which 20 finalists were selected by an international jury. Six winners
are set to share in a reward of €120,000 – three winning startups will receive
€10,000 each and three winning scaleups will receive €30,000 each. They will
also have the opportunity to become part of the bank’s global entrepreneurship
community Santander X 100. As a member, they will have access to a variety of
resources which will allow them to grow their business: for example, advice and
training, capital, customers, talent and networking opportunities. They'll also
have the chance to tap into other valuable resources available as well.

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Santander has been getting into Bitcoin too. Banco Santander has been
preparing since November to launch Spain's first Bitcoin ETN. Much of this is
likely as a result of customers demanding it. Ana Botín, Executive Chairperson
at Banco Santander told me that "this is being driven by customer demand."

How banks use metaverse? Metaverse banking use cases

The first phase of the digital revolution has already had a profound impact on
the financial industry. The increasing prevalence of online banking, mobile
banking and social media have changed the way that people interact with banks.
It took some 15 to 20 years for online banking to take off. After that it was five
to six years until the mobile banking took off. Now we have finally gotten used
to trust online banking, banks are now ready for the next step - The Metaverse.

With 47% of bankers believing that their customers will be making transactions
via augmented reality or virtual reality by the year 2030, it’s no surprise to see
early industry leaders venturing into these uncharted territories. As customers
start to become more comfortable with modern technology and the way they
can be a part of a transaction experience without ever physically stepping into a
building, it is not difficult to envision people being able to walk into a bank
without leaving their homes!

The Metaverse is an exciting and endless opportunity, one where endless

possibilities and applications await. Citi began to experiment in 2016 with
Microsoft's HoloLens holographic headset, building a virtual workstation that
lets traders view data as 3D images. This has allowed Traders to use hand
gestures and voice to drill further into market segments.

We also see incredible possibilities to elevate the employee experience.

Employees play a critical role in amplifying a bank’s brand and driving

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meaningful interactions with customers. Immersive training, like Bank of
America’s deployment of VR training for 50,000 employees, simulates real
customer service scenarios for branch employees so they can detect emotions
and adjust behaviour in a risk-free environment.

Which bank is on metaverse?

Some of the latest banks to join the metaverse include the Islamic Bank, the
Kuwait-based Warba Bank, and the Union Bank of India. These banks are just
the beginning of an expected avalanche of banks to join the metaverse as
there is no better way to bank than from the comfort of your home.

Warba Bank – Kuwait

Warba Bank is the first Islamic bank in the Middle East to announce their
presence in the Metaverse, at the beginning of July 22. Offering both personal
banking and corporate banking as well as investment banking & management
they hope that they will be able to enhance communication with younger users
who are more likely to be interested in a multi-platform banking experience. The
bank has claimed its place on two of the most popular metaverse worlds,
Decentraland and Sandbox.

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After their metaverse entrance, Anwar Bader Al-Ghaith, Warba Bank VP for
Support Services and Treasury explained:

“Warba Bank’s interest in entering this virtual reality comes within the
framework of digital trends to transform into a [Web3]. The world of virtual
reality is used in several advanced fields, including services, education, health
and others. And Warba Bank aims to be close to its clients in virtual reality to
introduce its products and services, as well as communicating with them in an
innovative way that reflects Warba Bank’s image as a pioneer in digital
transformation.”

Union Bank of India

State-led Union Bank of India (UBI) announced on July 8 2022 that it has
launched a virtual lounge for customers to get a taste for its product offerings in
the Metaverse. This is the first Indian Bank to offer this service in the Metaverse.
They are leading the charge as rumors and big news has been brewing in the
Indian blockchain community. The country’s largest lender, State Bank of India
(SBI), is set to launch its Metaverse storefront. The move will be a huge step
forward for India's position in the world of technology.

“Uni-verse, the Metaverse virtual lounge of the bank, hosts the bank’s product
information and videos in the initial phase. Uni-verse will deliver a unique
experience of banking to the customers who can roam around the lounge, get
information of the bank’s deposits, loans, government welfare schemes, and
digital initiatives as if they are experiencing the real world. This initiative is in

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partnership with Tech Mahindra,”Ms. A Manimekhalai, MD & CEO, Union Bank
of India confirmed. ”Further, with the launch of Sandbox, Bank is ushering into
Open Banking environment which will not only turn Third Party developers’
innovative ideas into reality but will also pave path for new avenues.”

The bank is rolling out 75 new digital banking units (DBU -a specialised fixed
point business unit/hub housing certain minimum digital infrastructure for
delivering digital banking products & services) in 75 districts to commemorate
75 years of India’s independence. that will also showcase the Metaverse lounge.
They said this will be a perfect, public exhibit of future possibilities and give an
opportunity to all to take part in this new reality, they said.

We can see how important it is that banks stay ahead of the curve as in other
Indian banking news the Reserve Bank of India (RBI) said on July 7th 2022 that it
has cancelled the license of Shri Anand Co-operative Bank, Chinchwad, Pune as
the lender is running out of money and will not be able to pay all of its
depositors.

JP Morgan

Other banks include the US-based JPMorgan Chase & Co who achieved this feat
earlier this year in February.

JP Morgan made history by becoming the world’s first bank to set up shop inside
the digital world of the metaverse in February 2022. JP, the largest bank in the

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US has opened a lounge in the blockchain-based world Decentraland. Users can
now create their very own custom avatar, build their own virtual space, and
wander through the virtual lounge area. They named it ‘Onyx Lounge’ after the
stone that offers its bearer immensely powerful vibrations of protection,
willpower, focus and strength and after its suit of ethereum-based services that
was launched in 2020. Notably, this move represents an about-face in strategy
because the CEO of JPMorgan Chase, Jamie Dimon, who has been historically
sceptical of crypto assets and their underlying technology, Bitcoin once allegedly
described it as “worthless.” It's no secret that the blockchain has been in a bit of
a slump lately, and many have been sceptical about its usefulness for anything
other than cryptocurrency. But it seems he has changed his tune now as he
admits that the blockchain does have some use cases for finance. Now when
new visitors arrive at the Onyx Lounge, a digital portrait of Jamie Dimon is
waiting to greet them.

The bank published at the same time a report on the opportunities in the
metaverse, which they plan to leverage by creating a presence in the virtual
world. “The metaverse will likely infiltrate every sector in some way in the
coming years, with the market opportunity estimated at over $1 trillion in yearly
revenues,” the report read. JPMorgan is also looking into the development of
the metaverse and believe that it is evolving too quickly to be able to predict a
strategy for it notwithstanding this, it said that the cost of eliminating the risk of
“being left behind” is more than offset by the minimal incremental cost involved
in getting started.

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HSBC

HSBC has entered the metaverse world after striking deal with The Sandbox.
HSBC may be shutting down physical branches in the real world but it is on a
mission to expand in the virtual one. The Hong Kong-based bank has bought a
plot of digital land for an undisclosed sum in The Sandbox metaverse, which will
be developed to engage and connect with sports, esports and gaming
enthusiasts.

Suresh Balaji, chief marketing officer for Asia-Pacific at HSBC, said the bank saw
“great potential” to create new experiences through emerging platforms, such
as The Sandbox. “The metaverse is how people will experience Web3, the next
generation of the Internet — using immersive technologies like augmented
reality, virtual reality and extended reality,” he said.

Remember when you had to painstakingly create curated playlists of songs for
your Walkman? Would you ever have envisioned the almost limitless access to
music we have through streaming services today?

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Follow HSBC along the yellow brick road as we visit every corner of Web 3.0, and
uncover the inherent characteristics that make it such a hotbed for innovation.
Learn about the most popular applications of Web 3.0, such as the Metaverse.
We are interested in investigating the hurdles to mass adoption and the role
that financial institutions can play in this new economy whilst they straddle the
traditional and decentralised world.

On the Yellow Brick Road to Web3 and the Metaverse

KB - Kookmin Bank, South Korea

South Korea’s KB Bank has jumped on the bandwagon too. The KB Financial
Group is a multinational financial group that is headquartered in Seoul, South
Korea. As of the end of 2019, it had total assets of about $431 billion and
operates throughout the country. Ranked as the 60th largest bank in the world
their embrace of the metaverse has been a significant proponent of the
metaverse with the Seoul Metropolitan Government (SMG) announcing that
Seoul will become the first major city to enter the virtual realm. The South
Korean government has invested a considerable amount of money in a project
that intends to create an immersive virtual reality world that is powered by the
blockchain. This initiative has received 3.9 billion won (or $3.2 billion) worth of
funding and it is projected to be operational by 2023, the year during which
residents of South Korea will be able to take advantage of administrative
services such as opening accounts, financial transactions and more.

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Jinsoo Yoon, Vice President of Tech Group at KB Kookmin Bank, said adaptation
to the new technological era is a step that must be taken. “The purpose is to pre-
emptively respond to financial changes in the coming metaverse era and to
internalise new financial service experiments and technological capabilities,”
Yoon said.

A number of private banks have made it their goal to be one of the first movers
in this industry, by investing in emerging technologies like artificial intelligence
and virtual reality.

BNP Paribas

BNP Paribas -The bank for a changing world which began rolling out virtual
reality-based services designed to improve and streamline the Customer
Journey as early as 2016 has recently announced in June 2022 that the first steps
have been taken into the Metaverse with W.I.R.E.D. (Wearable Immersive Real
Estate Data room). This digital clone of the city is a first on the market and
devoted to BNP Paribas Real Estate clients. The digital twin project that looks at
a city in the past, present and future. This real estate analysis and forecasting
tool uses data to reproduce past developments and anticipate future changes in
cities, thereby providing a virtual immersion into a city’s heart.

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They are also promoting a” Enter the Metaverse” Theme for their wealth
management cliental as a long-term high risk/gain investments Claiming that the
virtual world will soon influence large swathes of our life (entertainment,
gaming, lifestyle, education, financial services). Focus on virtual identities, social
networks and immersive experience, likely supported by Blockchain
technologies.

Quontic Bank - New York

Quontic Bank is yet another private bank that launched in May 22 it’s branch in
Decentraland.

"Quontic was the first bank to offer Bitcoin rewards on checking accounts, the
first to offer a wearable payment solution, and now, the first to open an
outpost in the Metaverse," said Steve Schnall, CEO of Quontic Bank. "Banking
once required consumers to visit a location and rely on printed documents to
manage their money with personal support from a teller, today we carry all of
that power in our pockets on an app, but the experience is cold. In the not-so-
distant future our customers will have the best of both worlds and this outpost
is the first step towards that level of service."

With Security as their top priority, they offer arrange of savings and checking
and CD accounts not only come with convenient online and mobile access but

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some of the best APYs in banking. These are now available on the metaverse as
well as a limited amount of NFTs.

Commercial Bank International – UAE

As the UAE continues to digitise its economy, Commercial Bank International

(‘CBI’ or ‘the Bank’) has set its eyes on the metaverse, announcing it is the first
bank in the country to launch a virtual location in it.

CBI, a UAE based corporate and retail bank, is the first bank in the UAE and
among the first early adapter banks in the Middle East region as well, to open a
virtual metaverse location in Decentraland, a blockchain-based world.

Ali Sultan Rakkad Al Amri, the CEO of CBI said: “We are proud to be the first ever
bank in the UAE and among the first innovative banks in the Middle East region
to bring the metaverse experience to our customers and people, which we
believe is a strong testament to our strong support and belief in the country’s
vision in being a leader in innovation worldwide. To keep pace in an increasingly
digital economy and re-invent customer experience with a digitally driven
perspective, we believe that the financial services sector must take some

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courageous and innovative steps, and we wanted to take part in this journey and
become the first mover through an immersive metaverse experience. We aim
to enhance the integration of real and digital worlds, and we will continue to
implement new digitisation initiatives and advance technologies to serve our
customers better”.

CONCLUSION
Banks and other brands will find themselves quickly becoming obsolete if they
fail to evolve with the times. Banks will need to find new ways to build trust
and work to proactively connect with communities across various digital
spaces, such as the Metaverse. If they do not, they can expect to see
themselves left behind in a world where it is possible for consumers to just
"forget" that they exist. For inspiration, they should look at how other
industries are deploying the metaverse and what they are doing to increase
trust in this ever-changing space. Think about Nike’s recent acquisition of
RTFKT to increase its credibility and speak authentically to the community. But
proceed with caution, as making a wrong move could quickly break trust and
this is crucial when it comes to marketing, and customers will quickly lose faith
if they feel like they are being misled. One way that this can happen is through
heavy use of automation without transparency. For banks, this new frontier
has a lot of promise. The bottom line is that if you have not already started
exploring the metaverse, now is the time to do so.

Read up more online:

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https://babyswapbox.com/metaverse-banking-latest-banks-
on-metaverse-2022-list-pdf-download-free/

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